Karen P. Schaeffer

How do I know if I am saving enough for retirement?

It is best to focus on strategies that give you good odds of a comfortable retirement rather than rules of thumb about how long money should last. Sound financial practices include:

· Contributing as much as possible to employer-sponsored retirement plans and IRAs. If you can't manage the full amount allowed, try to increase contributions every year.

· Investing for growth and staying the course even when the markets are volatile.

· Avoiding the temptation of being house-rich but cash-poor. People who stretch to buy as much house as they qualify for often don't have enough money left to save adequately for retirement.

· Weaning yourself from debt sooner rather than later. Someone who can pay cash for a car is typically better prepared for retirement than someone who needs to finance predictable big-ticket items.

· Working part-time in the early years of retirement.